Nigeria is allowing its struggling currency, the naira, to trade freely in a move to tackle the financial crisis in Africa's most populous nation. Financial blogger Feyi Fawehinmi looks at how it will affect people's lives.
Dr. Kachikwu, group MD, NNPC, has stated that Kaduna Refining and Petrochemical Company is also scheduled to start production any moment from now adding that the coming on stream of the three refineries will go a long way to ensure sufficient supply and distribution of petrol across the country.
Until about one year ago, every time I went to Sub-Saharan Africa, I entered a bustling world, awash with cash from black goo. Oil made the new fortunes of many of those countries and gave them a fillip like never before.
The Nigerian National Petroleum Corporation (NNPC) has unveiled plans to build a mega station in every Senatorial district of the nation, thus upping its market share in the fuel retail business from the current 12 per cent to a significantly higher number.
Africans are slowly (very slowly) waking up to the fact that it might be better and more profitable to keep their home-produced LNG close to themselves and develop their own continental economies instead of exporting every last drop. Let’s see the issue with the eyes of those affected.
The news about the current Nigerian fuels crisis is already spreading beyond the realms of the Gulf of Guinea. It is said that this one is the worst since anyone can remember. This is truly not an enviable legacy for the outgoing president Goodluck Jonathan.